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Macy's is investing on different fronts to show its relevance in the changing landscape of shopping centers. Photographer: Victor J. Blue / Bloomberg© 2018 Bloomberg Finance LP
The setbacks of department stores – after losing their rivals' share to T.J. Maxx to Amazon and consumers who spend more on gadgets and make the fashion experience – is now a familiar scenario, as evidenced by Bon-Ton and Sears bankruptcies and store closings and the continuing losses of J.C. Penney. But Macy's argues its arguments, it can still thrive in the changing context of US shopping centers.
The chain of department stores announced Wednesday a rise in sales per store for the fourth consecutive quarter, after three consecutive years of declines, an encouraging sign that some of its recovery efforts are bearing fruit. He also raised his earnings per share outlook for the year and issued an optimistic fourth quarter vacation rating.
"There is a big difference between our store portfolio and the others," said Jeff Gennette, Chairman of the Board of Directors and Managing Director of Macy's, during a conference call with the companies. analysts Wednesday following the release on the results. "We have a multi-year strategy to increase the interest for these stores."
Develop on a the Wall Street newspaper Gennette described Macy's as still profitable "neighborhood" stores and will serve the convenience needs of its customers. They will function as online distribution centers allowing customers to retrieve or return orders online, as well as recover skin care and other replenishment items, he said. Macy's will also add more self-service options. Like its rival outside the Kohl's shopping center, Macy's also plans to sell vacant space for rent to other tenants to generate traffic.
Meanwhile, for Macy's best-performing flagship sites and what he calls "magnetic stores" – the company's capital expenditure goal– the company is expanding its selection. She is also adding her off-price Backstage concept to prevent discount buyers from visiting Marshalls and T.J. Maxx. Macy's said Backstage-powered sites had increased sales and traffic.
At the same time, as with shopping center owners such as Macerich and Simon Property, Macy's is adding more and more restaurants and other categories to generate more traffic.
"We are really changing the chemistry of content in these stores," said Gennette. "Mix square footage, take out more clothes and add more entertainment and restaurants."
Kohl ate Macy's lunch?
Although Macy's is doing better than most of its competitors, it has still closed at least 124 stores since 2015. With total sales of nearly $ 25 billion for FY 2017, it has approximately 690 stores under the eponymous brand Bloomingdale's. The company also has more than 180 specialty stores, including Bloomingdale's The Outlet, Bluemercury, Macy's Backstage and Story.
With these closings and many others, US department stores lost $ 20 billion in sales between 2012 and 2017, an average annual decline of 4.6% to $ 81 billion, according to Euromonitor. While Macy's remains the market leader, its market share rose from 22.3% five years earlier to 18.2% in 2017, while its rival, Kohl's, is gaining ground with a market share up about 1 point to 18.1% over the same period, Euromonitor data show.
A study by JLL last year showed that American consumers had more space in department stores than their counterparts around the world, echoing other studies showing that the surface of Per capita shopping of US consumers is far superior to that of their counterparts in other developed countries. In the United States, 46% of gross leasable area in shopping centers was allocated to department stores, followed by the United Kingdom at 27%, according to the JLL study.
Like other retailers, Macy's also doubles its spending on mobile apps and other technologies. On Wednesday, online sales continued to increase at double digits and mobile sales are expected to exceed $ 1 billion this year. Macy's has also set up a mobile scanning and payment service that allows customers to bypass the payment line.
The company has added virtual virtual mirrors to some stores, allowing buyers to see what beauty products look like without trying them. And some of its branches have virtual reality stations that allow customers to play with the appearance of furniture in their homes, a decision that would both increase furniture sales and reduce returns. The company also indicated that it also uses data analysis to facilitate inventory planning and reduce discount sales.
Macy's also reorganized its loyalty program and made it available to all buyers, regardless of the method of payment for their purchases, which helped attract new customers.
With the retail sector increasingly looking for help from all kinds of startups, Macy's has a stake in Silicon Valley's start-up b8ta, which is located in its flagship New store. York and use its technology to develop The Market @ Macy's pop-up shop. concept. Macy's also bought Story, famous for its New York store that generates traffic by regularly hosting different brands with unique themes. Macy's stores will begin to see the work of Story's founder, Rachel Shechtman, who has been named Macy's "Brand Experience Lead" to help replicate a store-like Story experience. said Gennette.
"We are really focused on the experience," he said. This is one of the things we have been doing a lot of things against. It's a table issue.
Macy's Lighthouse in New York has a 250 square foot "experiential space" in its ground floor beauty department, as the company says, to offer "the perfect time for Instagram".
But how fast – and at what price – Can Macy's bring some of these potential driving experiences to the rest of its store fleet?
Linked to Forbes: Macerich facilitates the opening of physical stores by online brands
Forbes related: US shopping center vacancy rate reaches its highest level in seven years
About Forbes: 7-Eleven Expands Mobile Scanning Service and Payroll Service
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Macy's is investing on different fronts to show its relevance in the changing landscape of shopping centers. Photographer: Victor J. Blue / Bloomberg© 2018 Bloomberg Finance LP
The setbacks of department stores – after losing their rivals' share to T.J. Maxx to Amazon and consumers who spend more on gadgets and make the fashion experience – is now a familiar scenario, as evidenced by Bon-Ton and Sears bankruptcies and store closings and the continuing losses of J.C. Penney. But Macy's argues its arguments, it can still thrive in the changing context of US shopping centers.
The chain of department stores announced Wednesday a rise in sales per store for the fourth consecutive quarter, after three consecutive years of declines, an encouraging sign that some of its recovery efforts are bearing fruit. He also raised his earnings per share outlook for the year and issued an optimistic fourth quarter vacation rating.
"There is a big difference between our store portfolio and the others," said Jeff Gennette, Chairman of the Board of Directors and Managing Director of Macy's, during a conference call with the companies. analysts Wednesday following the release on the results. "We have a multi-year strategy to increase the interest for these stores."
Develop on a the Wall Street newspaper Gennette described Macy's as still profitable "neighborhood" stores and will serve the convenience needs of its customers. They will function as online distribution centers allowing customers to retrieve or return orders online, as well as recover skin care and other replenishment items, he said. Macy's will also add more self-service options. Like its rival outside the Kohl's shopping center, Macy's also plans to sell vacant space for rent to other tenants to generate traffic.
Meanwhile, for Macy's best-performing flagship sites and what he calls "magnetic stores" – the company's capital expenditure goal– the company is expanding its selection. She is also adding her off-price Backstage concept to prevent discount buyers from visiting Marshalls and T.J. Maxx. Macy's said Backstage-powered sites had increased sales and traffic.
At the same time, as with shopping center owners such as Macerich and Simon Property, Macy's is adding more and more restaurants and other categories to generate more traffic.
"We are really changing the chemistry of content in these stores," said Gennette. "Mix square footage, take out more clothes and add more entertainment and restaurants."
Kohl ate Macy's lunch?
Although Macy's is doing better than most of its competitors, it has still closed at least 124 stores since 2015. With total sales of nearly $ 25 billion for FY 2017, it has approximately 690 stores under the eponymous brand Bloomingdale's. The company also has more than 180 specialty stores, including Bloomingdale's The Outlet, Bluemercury, Macy's Backstage and Story.
With these closings and many others, US department stores lost $ 20 billion in sales between 2012 and 2017, an average annual decline of 4.6% to $ 81 billion, according to Euromonitor. While Macy's remains the market leader, its market share rose from 22.3% five years earlier to 18.2% in 2017, while its rival, Kohl's, is gaining ground with a market share up about 1 point to 18.1% over the same period, Euromonitor data show.
A study by JLL last year showed that American consumers had more space in department stores than their counterparts around the world, echoing other studies showing that the surface of Per capita shopping of US consumers is far superior to that of their counterparts in other developed countries. In the United States, 46% of gross leasable area in shopping centers was allocated to department stores, followed by the United Kingdom at 27%, according to the JLL study.
Like other retailers, Macy's also doubles its spending on mobile apps and other technologies. On Wednesday, online sales continued to increase at double digits and mobile sales are expected to exceed $ 1 billion this year. Macy's has also set up a mobile scanning and payment service that allows customers to bypass the payment line.
The company has added virtual virtual mirrors to some stores, allowing buyers to see what beauty products look like without trying them. And some of its branches have virtual reality stations that allow customers to play with the appearance of furniture in their homes, a decision that would both increase furniture sales and reduce returns. The company also indicated that it also uses data analysis to facilitate inventory planning and reduce discount sales.
Macy's also reorganized its loyalty program and made it available to all buyers, regardless of the method of payment for their purchases, which helped attract new customers.
With the retail sector increasingly looking for help from all kinds of startups, Macy's has a stake in Silicon Valley's start-up b8ta, which is located in its flagship New store. York and use its technology to develop The Market @ Macy's pop-up shop. concept. Macy's also bought Story, famous for its New York store that generates traffic by regularly hosting different brands with unique themes. Macy's stores will begin to see the work of Story's founder, Rachel Shechtman, who has been named Macy's "Brand Experience Lead" to help replicate a store-like Story experience. said Gennette.
"We are really focused on the experience," he said. This is one of the things we have been doing a lot of things against. It's a table issue.
Macy's Lighthouse in New York has a 250 square foot "experiential space" in its ground floor beauty department, as the company says, to offer "the perfect time for Instagram".
But how fast – and at what price – Can Macy's bring some of these potential driving experiences to the rest of its store fleet?
Linked to Forbes: Macerich facilitates the opening of physical stores by online brands
Forbes related: US shopping center vacancy rate reaches its highest level in seven years
About Forbes: 7-Eleven Expands Mobile Scanning Service and Payroll Service
